Torex Gold Resources Inc. · TSX:TXG
Torex Gold Resources — Investor Presentation (September 2026)
55 slides from Torex Gold Resources's investor presentation, Sep 25, 2026
Slide 1: Corporate Presentation
TSX | TXG OTCQX | TORXF CORPORATE PRESENTATION September 2026 All amounts expressed in U.S. dollars unless otherwise stated
Slide 2: Safe Harbor Statement
SAFE HARBOR STATEMENT Non-GAAP financial measures are financial measures with no standard meaning under International Financial Reporting Standards (“IFRS”) as issued by the international accounting standards board and might not be comparable to similar financial measures disclosed by other companie
Slide 3: Torex Overview
TOREX OVERVIEW GRYPHON & Intermediate Gold & Copper Producer MEDICINE SPRINGS C$6.3B 0.70x 15% market value1 P/NAV1 FCF yield1 Significant Size & Scale LA GLORIA 197 koz 420 - 470 koz AuEq produced H1 20262 AuEq production guided in 20263 GUIGUI BATOPILAS Large & Growing Resource Base LOS REYES ~9.4
Slide 4: Robust Investment Thesis
ROBUST INVESTMENT THESIS Executing across multiple fronts to drive superior shareholder returns Key catalysts Strong fundamentals Extending Morelos production profile through Attractively valued relative to peers Media Luna North ramp-up and ongoing drilling Healthy balance sheet supported by Increa
Slide 5: Attractively Valued
ATTRACTIVELY VALUED1b Trading at a discount to peers across key metrics despite robust fundamentals Refer to endnote 1a. 5
Slide 6: 2026 Guidance
2026 GUIDANCE Strong H2 setup; tracking to midpoint of annual production guidance 2026 H1 2026 Guidance Performance Production (prior to payable deductions) Gold ("Au") oz 320,000 to 365,000 142,925 Silver ("Ag") koz 2,200 to 2,500 1,063 Copper ("Cu") mlb 60 to 65 29 2,3 Gold equivalent ("AuEq") oz
Slide 7: Five-Year Production Outlook
FIVE-YEAR PRODUCTION OUTLOOK Consistent gold equivalent production expected through at least 2030 2026 Guidance 2027 to 2030 Outlook Guidance Metal Prices Outlook Metal Prices Production (prior to payable deductions) Gold ("Au") oz 320,000 to 365,000 $4,500/oz 300,000 to 345,000 $4,000/oz Silver ("A
Slide 8: Operations and Projects
OPERATIONS AND PROJECTS
Slide 9: Morelos Complex
MORELOS COMPLEX Flagship operation is a significant producer of gold, silver, and copper Highly prospective 29,000 ha property located in prolific Guerrero Gold Belt, ~180 km from Mexico City Integrated operation with a centralized processing plant being fed by multiple underground mines 7.3 Moz AuE
Slide 10: Morelos Complex
MORELOS COMPLEX Multi-mine operation with centralized processing plant producing concentrate and doré Ore Sources Processing Plant Media Luna Underground Flotation & Leach Circuits Achieved designed mining rates in Q1 2026 Operating at steady state Capacity of 7,500 tpd Capacity of 10,600 tpd (7,646
Slide 11: Morelos Complex – Near-Term Growth Opportunity
MORELOS COMPLEX – NEAR-TERM GROWTH OPPORTUNITY Potential ~35% increase in mill capacity through phased improvements Studies commenced to assess potential phased mill expansion up to ~14,500 tpd (from current 10,600 tpd) Construction decision dependent on number of factors including project returns,
Slide 12: Morelos – Media Luna North
MORELOS – MEDIA LUNA NORTH The next mine in the Media Luna Cluster is on track for first production in Q4 2026 Mine life expected until at least 2034 with mining capacity of 2,300 tpd North vent adit breakthrough completed in June; haulage drift breakthrough completed in July Installation of ventila
Slide 13: Los Reyes
LOS REYES Expanding footprint in Mexico with high-quality gold and silver project in Sinaloa Preliminary Economic Assessment (PEA) Key Highlights Combined open pit and underground operation with ~60% of mineralized material to be sourced from underground Design plant throughput of 5,000 tpd with ave
Slide 14: Los Reyes – Production Profile
LOS REYES – PRODUCTION PROFILE Project boasts a healthy mine life of over 14 years with an attractive cost profile Average annual production of 161 koz AuEq6 during first 11 years of mine life prior to processing stockpiled material; 134 koz AuEq6 over 14.4-year life of project AISC5 forecast to ave
Slide 15: Los Reyes – Preliminary Timeline for Development
LOS REYES – PRELIMINARY TIMELINE FOR DEVELOPMENT Prefeasibility study (PFS) underway with a target to deliver late 2027 Preliminary Timeline for Project Delivery Late 2027 2028 2029/2030 2031 PFS Feasibility Study Construction Production PFS to assess several trade-off studies to de-risk project des
Slide 16: Financial Performance
FINANCIAL PERFORMANCE
Slide 17: Balance Sheet & Liquidity
BALANCE SHEET & LIQUIDITY Strong balance sheet with no debt and healthy liquidity position Continuing to build cash balance to target of $200M+ Available liquidity5 of $506M at the end of Q2 No debt with $99M of lease-related obligations Liquidity expected to continue to improve with strong free cas
Slide 18: Capital Allocation
CAPITAL ALLOCATION Executing across several priorities with robust cash flow generation Mine Life & Margins Growth Extend production profile at Morelos Diversify asset base by delivering through drilling and Media Luna North Los Reyes by 2031 Increase production at Morelos with Demonstrate potential
Slide 19: Return of Capital
RETURN OF CAPITAL $176M returned to shareholders in H1 2026, representing 50% of $350M full-year target 7 Dividend Share Buybacks Quarterly dividend increased by 7% to C$0.16/sh; 825,769 shares purchased at C$57/sh (2025) similar payout approved for Q3 3,132,783 shares purchased at ~C$68/sh (YTD 202
Slide 20: Exploration & Drilling
EXPLORATION & DRILLING
Slide 21: Exploration & Drilling
EXPLORATION & DRILLING Record investment of $85M planned in 2026 to conduct 161,900 m of drilling 2026 Budget 2026 Drilling Meters 2026 Allocation Budget increased to $85M from $77M to support additional 13,400 m of drilling to the south and east of the Media Luna mine given encouraging results retu
Slide 22: Morelos Property
MORELOS PROPERTY Drilling focused on enhancing production profile and extending mine life $51M budgeted in 2026 (126,900 m of drilling) ELG Underground (36,000 m) Replacing reserves and growing resources Targeting discovery of new mineralized trends Media Luna Cluster (75,900 m) Expanding and upgrad
Slide 23: Morelos – Significant Exploration Upside Exists
MORELOS – SIGNIFICANT EXPLORATION UPSIDE EXISTS Structural corridor is key to unlocking the exploration potential of Morelos Magnetic imaging shows strong potential for additional resource upside at Morelos The north-south structural corridor is considered the main ore control of mineralization The
Slide 24: Morelos – Media Luna Cluster
MORELOS – MEDIA LUNA CLUSTER Targeting to grow resources on the south side of Morelos Property San Miguel corridor – new area of interest with recent and historical results suggesting strong potential for entire corridor to be mineralized Recent drilling includes 11.28 gpt AuEq over 31.2 m in drill
Slide 25: Morelos – ELG Underground
MORELOS – ELG UNDERGROUND Building on a proven track record of mine life extensions Drilling success at ELG Underground is a key driver of maintaining output at current levels Full mineralization potential of ELG Underground has yet to be fully realized: Follow-up drilling at El Limón Sur trend cont
Slide 26: Los Reyes
LOS REYES 20,000 m of drilling planned for 2026 to upgrade resources and support the PFS $18M budgeted in 2026 (20,000 m) Drilling to focus on expanding resources at Guadalupe, Z-T, and Central and upgrading resource confidence to support economic studies 2027/2028 program will target to enhance the
Slide 27: Early-Stage Exploration Projects – Nevada
EARLY-STAGE EXPLORATION PROJECTS – NEVADA Gryphon & Medicine Springs located in highly-prospective Carlin Trend $12M of expenditures planned in 2026 Gryphon (7,500 m) Option to earn-in to an initial 70% interest Exploration focused on delineating and prioritizing drill targets Drilling of two highes
Slide 28: Early-Stage Exploration Projects – Mexico
EARLY-STAGE EXPLORATION PROJECTS – MEXICO Expanding footprint in Mexico through Batopilas, Guigui, and La Gloria $4M of expenditures earmarked in 2026 Batopilas (5,000 m) – Chihuahua Exploration work underway to support target definition Planned drilling to test two initial targets expected to comme
Slide 29: Corporate Profile
eo Torex Gold RESOURCES INC. CORPORATE PROFILE
Slide 30: Corporate Summary
CORPORATE SUMMARY Share Price Performance1 Shareholder Data2 7.00 TXG GDXJ Index Resource Other 6.00 (Active) (Active) (Indexed to January 1, 2022) 11% Price Performance - USD 5.00 30% Resource 4.00 (Passive) 3.00 8% Undisclosed/ Other 2.00 Retail (Passive) 39% 1.00 12% Top 10 Shareholders2 0.00 Ins
Slide 31: Committed to Responsible Mining
COMMITTED TO RESPONSIBLE MINING Delivering value to shareholders while making a positive difference in society Excellent environmental performance Committed to globally-recognized standards ZERO 68% 83% Responsible Gold Mining Principles (RGMPs) reportable environmental reduction in Scope 1 of water
Slide 32: Management Team
MANAGEMENT TEAM Years of Name Experience Experience ANDREW SNOWDEN Joined Torex in 2021 as CFO 25+ President & Chief Executive Officer Previously served as Senior Vice President and CFO at Sherritt International Corporation DAN ROLLINS CFA Joined Torex in 2019 as SVP, Corporate Development & Investo
Slide 33: Board of Directors
BOARD OF DIRECTORS Years of Name Experience Experience RICK HOWES P.Eng. Board member since 2020 40+ Chair of the Board Seasoned senior mining executive with over 40 years of experience in the mining industry ANDREW SNOWDEN Joined Torex in 2021 as CFO 25+ President & Chief Executive Officer Previous
Slide 34: Appendix – Financials
Torex Gold RESOURCES INC. APPENDIX — FINANCIALS
Slide 35: Currency and Commodity Hedges
CURRENCY AND COMMODITY HEDGES Protection in place against foreign exchange volatility on operating costs All amounts in U.S. dollars 2026 2027 2028 Positions as of September 25, 2026 Remaining FY FY MXN/USD Forwards Amount (USD) M$ $25.0 $114.8 $37.5 Average Price (MXN) USD/MXN 18.23 18.21 18.08 MXN
Slide 36: Operating Cash Flow Seasonality
OPERATING CASH FLOW SEASONALITY Operating cash flow tends to be weakest in H1 given timing of tax, royalty and PTU payments Final payments related to royalties, profit sharing, and taxes are subject to movements in the Mexican peso relative to the U.S. dollar Cash flow from operations prior to chang
Slide 37: Operating Cash Flow Seasonality
OPERATING CASH FLOW SEASONALITY Timing Differences – Royalties & Profit Sharing Royalty – Mexican Geological Survey Profit Sharing – Employees 2.5% of gross revenue Mandated by Government of Mexico Accrued quarterly and paid the following quarter Accrued quarterly and paid annually in Q2 of the Reco
Slide 38: Operating Cash Flow Seasonality
OPERATING CASH FLOW SEASONALITY Timing Differences – Mining Royalty & Corporate Income Tax Mining Tax – Government of Mexico Corporate Income Tax – Government of Mexico 8.5% of mine level EBITDA 5 plus allowable 30% of taxable income in Mexico deductions Accrued quarterly and paid monthly via instal
Slide 39: Appendix – Exploration & Drilling
APPENDIX – EXPLORATION & DRILLING
Slide 40: Growing Reserves & Resources
GROWING RESERVES & RESOURCES Significant resource upside given majority of Morelos remains unexplored Leveraging Torex Exploration System to systematically advance targets from initial selection stage through to reserve definition System has been effectively deployed at Morelos and is now being expo
Slide 41: Morelos – ELG Underground
MORELOS – ELG UNDERGROUND10 Continuing to identify second order structures identified parallel to main trends Multiple mineralized structures discovered to be running parallel to main El Limón Sur trend Mineralization has been confirmed to extend to a depth of ~550 metres above sea level, the same e
Slide 42: Morelos – Media Luna Cluster
MORELOS – MEDIA LUNA CLUSTER10 Strong potential to expand resources to the southeast of Media Luna • Additional 13,400 m of drilling planned this year: • 9,100 m to explore the San Miguel corridor where drilling to the southeast of Media Luna suggests a vertically continuous mineralized feeder contr
Slide 43: Appendix: Market Commentary
APPENDIX: MARKET COMMENTARY
Slide 44: Gold – A Proven, Valuable Investment
GOLD – A PROVEN, VALUABLE INVESTMENT Despite record price run through 2025, market drivers continue to support bullish outlook Proven to have strong historical returns compared to other key asset classes11 Supply insufficient to meet growing demand12 Safe haven investment Total gold demand is a reco
Slide 45: Copper & Silver
COPPER & SILVER Meaningful contributors to production over Morelos life of mine (“LOM”) COPPER SILVER (~60 Mlb annual production over LOM) (~2.3 Moz annual production over LOM) Increased value All-time high Prices rose by over 40% in 2025, marking Tightening global export restrictions have the large
Slide 46: Gold Equities vs. Physical Gold
GOLD EQUITIES VS. PHYSICAL GOLD Equities have historically lagged gold, but have gained momentum in recent rally 1 Equities offer upside through exposure to other metal price fluctuations and, at current metal prices, generate significant cash flow to enable capital returns to shareholders Refer to
Slide 47: Gold Equities vs. Physical Gold
GOLD EQUITIES VS. PHYSICAL GOLD Beyond gold price leverage, equities offer catalysts to drive strong returns 1 Since listing on the TSX, Torex has seen two key instances that shares significantly outperformed both gold and the GDX/GDXJ, both centred around delivering large capital projects Refer to
Slide 48: Mining in Mexico
MINING IN MEXICO16 A critical industry for the country’s economy, contributing ~9% to industrial GDP ~$3 billion ~$15 billion 416,000 2.6 million 28% in tax contributions to per year in estimated additional direct employment indirect jobs higher salaries in mining government from mining economic val
Slide 49: Mineral Reserves & Resources
MINERAL RESERVES & RESOURCES
Slide 50: Mineral Reserves
MINERAL RESERVES December 31, 2025 Property Deposit Reserve Category Tonnes Au Ag Cu Au Ag Cu AuEq AuEq (kt) (gpt) (gpt) (%) (koz) (koz) (mlb) (gpt) (koz) Morelos Media Luna Proven 7,396 2.93 25.7 0.82 696 6,106 134 4.60 1,095 Underground Probable 15,210 2.41 21.9 0.82 1,178 10,719 273 4.02 1,968 Pr
Slide 51: Notes to Mineral Reserves
NOTES TO MINERAL RESERVES December 31, 2025 Notes to accompany the mineral reserve table: Morelos – ELG Underground: 1. Mineral reserves were developed in accordance with CIM (2019) guidelines. 1. Mineral reserves are reported above an in-situ ore cut-off grade of 2.8 gpt AuEq and an in-situ increme
Slide 52: Mineral Resources
MINERAL RESOURCES December 31, 2025 (Morelos); April 25, 2026 (Los Reyes) Property Deposit Resource Category Tonnes Au Ag Cu Au Ag Cu AuEq AuEq (kt) (gpt) (gpt) (%) (koz) (koz) (mlb) (gpt) (koz) Morelos Media Luna Measured 9,618 3.03 28.2 0.92 936 8,728 196 4.88 1,508 Underground Indicated 24,070 2.
Slide 53: Notes to Mineral Resources
NOTES TO MINERAL RESOURCES December 31, 2025 (Morelos); April 25, 2026 (Los Reyes) Notes to accompany the mineral resource table: 4. The dataset allowed the bulk density to be directly estimated into the domains with an average bulk density of 3.4 g/cm3. 1. Mineral resources were prepared in accorda
Slide 54: Endnotes
ENDNOTES 1. All data and estimates provided by S&P Capital IQ, as of September 24, 2026. a. Peer average multiples based on EBITDA, cash flow, and free cash flow consensus estimates for Alamos Gold, Allied Gold, Aris Mining, Artemis Gold, Aura Minerals, B2Gold, Centerra Gold, Coeur Mining, Discovery
Slide 55: Contact
TSX | TXG OTCQX | TORXF www.torexgold.com Shaun Silveira Senior Vice President, Corporate Development & Investor Relations Email: shaun.silveira@torexgold.com | Direct: 1-289-514-9813
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